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The global aviation industry has encountered considerable turbulence in recent years, but it appears that clear skies lie ahead. Ireland is widely known as a strong contender within the aviation financing and leasing sectors and recent developments (both domestic and international) serve to maintain and fortify that position.

Japan's 80-year-old Trust Law is expected to be significantly revised next year to provide a more modern and sophisticated trust system to facilitate the wider use of trusts. Last July, the Ministry of Justice published, for public comment, an outline summarising many of the provisions that are expected to be included in the new law.

Squeeze-out mechanics are of special importance for Hungarian public companies. However, the definition of a squeeze-out set out in Act CXX of 2001 on Capital Markets (the CMA) poses difficulties in practice. In particular, certain aspects of a squeeze-out (for example, calculation of the applicable threshold) remain doubtful under Hungarian law. The implementation of EU Directive 2004/25/EC of April 21 2004 on Takeover Offers could bring changes to the current system in Hungary.

The real estate market in Bosnia and Herzegovina (BiH) is increasingly buoyant. Foreign investors are rapidly becoming aware that they can buy relatively inexpensive property directly or through the use of a BiH company. At present, the price per square metre of an apartment in the capital city of Sarajevo is between €500 and €900 ($600-1,080), depending on the age of the building and whether renovation is required. It is not just residential property which is in demand.

The legal basis for regulating competition in Albania is outlined mainly in Law 9121 of July 28 2003 (the Competition Law), which aims to protect free and effective competition. The law governs prohibited agreements, abuses of a dominant position and mergers. Separately, state aids will be regulated by Law 9374 of 21 April 2005, which takes effect on January 1 2006.

Daniel Andrews reports on problems with the EU's plans to have a sole regulator responsible for each bank operating in the EU

Steve Guynn, Gibson Dunn & Crutcher Philip Rotner, Mayer Brown Rowe & Maw Gibson Dunn & Crutcher recruited the head of Jones Day's Latin America practice. Steve Guynn moved across town to join Gibson Dunn's New York office, where he will advise clients on capital markets issues and acquisitions within the firm's Latin America and capital markets groups.

O'Melveny & Myers expanded its Tokyo office with the hire of three partners from Taiyo Law Office. Naosuke Fujita and Yoji Maeda focus on cross-border M&A and capital markets transactions, while Yukihiro Terazawa is an intellectual property specialist. The firm also hired Kosei Watanabe and his associates from Watanabe Kokusai Law Offices, its former joint enterprise partner.

The leading legal advisers on global project finance deals The top three firms remain unchanged since last year. Allen & Overy tops the table in terms of total value and volume of deals, with Clifford Chance and Latham & Watkins close behind. Skadden Arps Slate Meagher & Flom has the highest value per deal of the top 10 firms, while Slaughter and May is the big climber, up 31 places in the rankings since 2004.

The European Investment Bank and Nordic Investment Bank completed the €640 million financing for the design, construction and maintenance of the A1 motorway in Poland. White & Case, led by Jacek Czabanski, represented the banks on the financing. Wardynski & Partners advised the Polish Treasury and CMS Cameron McKenna acted for concessionaire Gdansk Transport Company (GTC). GTC will construct and operate the motorway, receiving revenues from availability and performance payments. The project will be implemented in collaboration with the Polish Ministries of Finance and Infrastructure and the national roads authority.